Posco is likely to start work on its much-delayed steel project near Paradip within a year as the State Government has transferred a significant chunk of land required for the project to the company, a senior Government official said in Mumbai on Thursday.
"I think, they (Posco) should start (work on the unit) in a year or so," Joint Secretary in Union Steel Ministry UP Singh told reporters on the sidelines of the India Steel-2013 summit organised by the Ficci.
The State Government has already transferred around 1,700 acres of land to the company out of the 2,700 acres required for the plant, he said.
Posco, which has not been able to set up the unit for the past seven years due to land acquisition issues and agitation by the locals, has revised its land requirement to 2,700 acres from the earlier 4,000 acres. It has also scaled down its production plan to 8 million tonnes in the first phase from 12 MT earlier.